HOUSTON – (Realty News Report) – Last month was the best October on record for home sales in an October.
The Houston Association of Realtors reported 6,716 homes were sold in October 2018, up 4.7 percent from the 6,417 homes sold in October of 2017.
The previous sales record for an October was set in October 2014 when 6,515 single-family homes were sold.
Houston has gained more than 128,000 new jobs over that last 12 months, a near-record pace that is energizing the real estate market. Last year was a record year for home sales
In Houston, despite the setback of Hurricane Harvey, which made landfall in late August.
But as good as 2017 was for Houston realty, home sales are stronger this year. Home sales year-to-date are 5.3 percent ahead of the comparable 10-month period of last year.
The market’s improvement comes as interest rates increase. The average 30-year fixed-rate mortgage hit 4.94 percent last week, according to Freddie Mac. The National Association of Realtors predicts addition mortgage rate increases in 2019.
Houston’s median single-family home price in October was $234,653, up 3.6 percent from October of last year.
The inventory of homes for sale in the Houston area remains low.
